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Giving my OKW contracts to my son. How to accomplish this?

Discussion in 'Disney Vacation Club - DVC' started by icydog, Nov 12, 2017 at 12:59 PM.

  1. icydog

    icydog TUG Review Crew: Expert TUG Member

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    I am giving my two Disney's Old Key West contracts to my son. I've used all the 2018 points but he can borrow from 2019 if he needs to. One contract is for 150 points while the other is for 250 points. I can start the process anytime after December 2017 when my last reservation will be finished.

    How do I do this? I don't need a closing company do I? Can Disney do this for me?
     
  2. vacationhopeful

    vacationhopeful TUG Review Crew: Rookie TUG Member

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    I would call Disney ... maybe start my asking to ADD your son's name to the contracts/member ID. And get around later in the phone call, to just have him take over the ownership. Do you both have the same last name? Else be prepared to prove direct family relationship.
     
  3. icydog

    icydog TUG Review Crew: Expert TUG Member

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    No, we do not have the same last name. I re-married when he was a teenager.

    So adding his name might prove to be difficult? I can prove that he is my son since I have his birth certificate. That's if they will accept that as proof. My given name is spelled with two Ys and that is very uncommon (Marylyn) maybe that will help since my name on his birth certificate is his last name and my first name is Marylyn! Edited to add: Sorry that was really obvious.
     
  4. Jan M.

    Jan M. Guest

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    You didn't say if you bought your DVC contracts directly from Disney or resale. Some benefits are only available if you bought directly from Disney if I remember correctly from reading OP's posts. When you call I would ask if all the benefits will transfer to your son, what the fees are to transfer and make sure Disney has no right of first refusal when it comes to transfers among family members. Many people find it easier and cheaper just to add the family member's name.
     
  5. icydog

    icydog TUG Review Crew: Expert TUG Member

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    I bought my contracts on the resale market so no benefits to transfer. I told him I would put the contracts in his name. I don't want to go back on my word.
     
  6. bendadin

    bendadin TUG Member

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    I would think that maybe you have to add him, and then drop yourself. I looked at adding my daughter. Disney said that they would do a quitclaim and wave it through ROFR since it was a family member. They estimated around $650 to do this. LT was more like $150 plus recording.

    We ended up buying a small direct contract and adding my daughter to that one instead. And then we will do a trust to protect it from bankruptcy or divorce.
     
  7. Dean

    Dean TUG Member

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    If you bought them before the latest round of restrictions, the benefits will transfer. And as a gratis transfer to a family member, you don't have to wait until after the travel is completed, they won't cancel on you in this situation. You can do it yourself for under $50 per contract or you can get someone like LT transfers to do it for around $200 per contract total and up. If you decide to do it yourself, here's the basic process.

    • Assuming there's no loan or lien, contact DVC for the transfer info (I think it may be online now on the website from what I've heard but haven't seen it).
    • Once you get that there's a transfer form #1 that you'll complete for ROFR. Send it in.
    • Then they'll send you a ROFR waiver. Register that waiver along with a FL legal deed (? quit claim)
    • Send a copy of the recorded deed and second transfer form (received with the waiver) to DVC.
    It might be better just to add him rather than change it from yours to his name. Then once something happens, it'll be his anyway if titled appropriately.
     
  8. icydog

    icydog TUG Review Crew: Expert TUG Member

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    I contacted DVC and they sent me the transfer form. They strongly advised using First American Title who was $475 per contract. Then I contacted LT who is going to do the transfers for $150 each and $60 per contract to record them with Orange County— total $210 per contract.

    If I went with First American they could combine the two contracts for $475 plus another $50 for a total of $525 otherwise it’d be $475 each.

    If my son wants to sell his interest it will be more difficult to sell a 400 point contract rather than a 250 and a 150 point contract.

    Dean, I don’t know how to write a quit claim deed or how to record them once they’re written.

    LT has always done a fine job for me. I’ll stick with them. But thanks for the advice.
     
  9. Dean

    Dean TUG Member

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    The quit claim is not difficult but if you don't want to fool with it, LT transfers is a good choice. Only DVC can actually combine contracts so that wouldn't be an issue. I wonder if they were just talking about doing it as a combo price or possibly doing only one deed. The downside to doing one deed would be if you sold one, you'd have to do a new need later for the other. I've done them myself in the past to add my daughter to 4 contracts, not a big deal. Still, no reason to wait in this situation, they won't cancel the pending reservation. You still may be better served getting the ROFR yourself up front. You could ask DVC to put the ROFR all one one, that'd save you $18.50 recording fee alone. Otherwise it should be $18.50 for each 2 page recording (X4) and 70¢ for each deed if done correctly.

    One thing to note is that if you do it this way all in one year gratis as required by DVC to be automatic you could get into a gift tax issue or have to use part of your life estate exclusion (and do the form on your taxes). The current limit is $14K per person per year going up to $15K next year. From a husband and wife to a son and DIL, you'd be OK. From just you to him, that'd be an issue. Of course you could do one in 2017 & one in 2018 which would minimize the risk/damage.
     

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